CZ Denies Ties to Viral Memecoin Test Amidst Listing Speculation

CZ, the founder of Binance, has publicly denied any ties to Test (TST), a memecoin that has gained significant traction on the Binance Smart Chain. The denial comes amidst intense speculation about CZ's involvement in the listing of TST on Binance.

In a statement on X (formerly Twitter), CZ emphasized his commitment to fundamentals, stating, "Is CZ shifting away from fundamentals? No. I am a builder. I always focus on fundamentals." He also clarified that he was not involved in the listing process of TST on Binance, saying, "Why did TST get listed on Binance? I don’t know for sure. I am entirely NOT involved in their listing process."

The rise of Test can be traced back to an educational video showcasing Four.meme, the first memecoin factory on the BNB Chain. Initially intended as a tutorial, the video sparked widespread interest, particularly within the Chinese crypto community, leading to a rapid surge in TST's market cap. Although the original video was briefly taken down, its reupload only fueled further curiosity and speculation.

Despite the growing hype, CZ has stated that TST has no affiliation with Binance or any individual, making it clear that his mention of the token was not an endorsement. He clarified that he holds no opposition to memecoins, stating, "Then, is CZ against memecoins? No. Not “into” something doesn’t mean I am against it."

The memecoin sector continues to thrive, with its market cap reaching $76.4 billion, reflecting a 0.2% change in the past 24 hours. However, despite their growing popularity, memecoins have long faced criticism for their speculative nature. Ethereum co-founder Vitalik Buterin has previously voiced concerns about celebrity-backed tokens, urging the industry to focus on meaningful projects. More recently, he warned that politician-backed cryptocurrencies could pose risks, potentially being misused for covert financial activities.